Independent analysis of capital, technology, industry, and long-term change.
11 min read
The software race gets the attention, but one of the industry's hardest supply problems sits inside the joints. Rare earth magnets are inexpensive relative to a robot, difficult to replace, and still made through one remarkably concentrated industrial system.
13 min read
The shares have fallen below their $135 offering price after briefly touching $225.64. Starlink and reusable launch support a formidable business, but today’s valuation still asks Starship and AI to work at a scale no company has yet proved.
10 min read
Open USD’s 140-member coalition attacks Circle’s distribution economics, not just its token. That can compress margins and win new payment flows, but a logo wall is not the same as shared liquidity, binding commitments, or a decade of trust.
11 min read
The U.S.–Iran war has made the Strait of Hormuz the fulcrum of global risk. Oil, gold, equities, and Bitcoin respond to different mechanisms and on different clocks.
9 min read
AI has made high-bandwidth memory, enterprise flash, and nearline drives genuinely scarce. The demand is structural; today’s margins are not. The investment question is which layer still owns scarcity after supply catches up.
10 min read
Strategy is not one margin call away from liquidation. Its real vulnerability is slower: senior claims, cash dividends, refinancing dates, and a capital-markets engine that works best when it is least needed.
Showing 6 of 9 research articles.